The sending of money by migrants (itinerant workers; guest workers; emigrants; emigrants) to the families or other agencies of their country of origin. – According to World Bank calculations, about USD 345 bn was transferred in this way worldwide in 2005; USD 232 bn is statistically recorded in the balance of payments. In some countries, remittances account for a considerable share of national income; for Haiti, the share was about seventeen percent in 2008, and for Somalia, almost forty percent was reported for 2009. – Because the recipient families were cheated by the banks when exchanging money at home or by the central bank on behalf of the government-in the former Yugoslavia, recipients lost almost half the value of the money sent to them by relatives; these sums flowed to the rulers-a variety of forms of transfer have emerged to date that are difficult to understand in detail. – See money laundering, ghetto banking, money transfer intermediaries, hawala, parallel banking, remittance services, shadow banking, underground banking, angle brokers. – Cf. ECB Monthly Bulletin, February 2007, pp. 95 ff. (detailed presentation; important definitions; overviews).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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